What Is Trust "Funding?"
Creation of a trust is the first step—funding the trust is what allows your assets to avoid probate. "Funding" entails directing an asset to the trust either during your lifetime or upon your death. Once part of your trust, the asset can be managed and distributed according to your wishes.
How Do I Fund My Trust?
Funding your trust typically means either: 1) Re-titling the asset to the trust, or 2) changing the beneficiary designation to the trust. If you worked with us within the past 10 years, we would have provided information on how to properly fund your trust.
Why Is Funding My Trust Important?
If an asset isn't properly transferred into the trust, it may go through probate, costing your heirs time, money, and frustration.
What Is the Best Way to Create My Estate Plan?
Our firm will provide funding instructions, which include a detailed list of your assets and how to accomplish the transfer of those assets to your trust. As you acquire other assets, you can contact us for additional funding information and guidance.
If you have cquestions about trust funding or want to review your estate plan, please schedule an appointment with one of our experienced estate planning attorneys.
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